When the average gas price in the United States held above $3, most consumers were angry.Â Whether it was at the Federal Government for not stepping in or the oil companies that appeared to be gouging consumers while achievingÂ multi-billion dollar profits, Americans were pretty enraged.
However, the sentiment from around the globe was less than supportive for Americans, with the universal theme seemingly being “deal with it.”Â The less than sympathetic feeling was probably due to the fact that even at $3 per gallon Americans were still getting very cheap gas in comparison to the rest of the world.
In doing some investigation on the internet, I was able to come up with an older list from CNN.com regarding gas prices around the world.Â Obviously, with the nearly 20% fall in the price of oil from this summer’s record highs, this list is skewed a bit.Â At the same time, it’ll show the wide discrepancies in worldwide gas prices (keep in mind, the average gas price in America at the time was between $2.80 and $2.95):
- Oslo, Norway – $6.99
- Hong Kong – $6.54
- London, England – $6.36
- Rome, Italy – $6.15
- Frankfurt, Germany – $6.10
- Tokyo, Japan – $4.93
- Mumbai, India – $4.13
- Sydney, Australia – $3.76
There are many reasons for why there are such big differences in the prices of gasoline throughout the world.Â The biggest reason seems to be the level at which gasoline in taxed by each country’s government.Â It seems most European countries place relatively high taxes on gasoline, thus driving the price upwards.
Another issue regarding the price of gas is the supply and demand factor.Â Obviously if there is a large demand for fuel but it takes a long time to get new supplies in or there aren’t many gas stations, the price will be driven upwards.
So, even if gas prices return to $3 or ultimately end up going higher, you should probably be thankful you don’t live in Norway.